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Shareholders Endorse Fidelity Bank’s Recapitalisation Plan

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Shareholders Endorse Fidelity Bank’s Recapitalisation Plan....KINDLY READ THE FULL STORY HERE▶

Shareholders, under the auspices of Nigeria’s leading shareholders’ associations, have expressed strong support and readiness to mobilize for the ongoing recapitalisation of Fidelity Bank Plc, commending its impressive performance over the years. The shareholders have indicated they would enthusiastically participate in any share offering, anticipating above-average returns……CONTINUE READING

 

 

 

With nearly 400,000 shareholders, Fidelity Bank boasts the most diversified retail shareholder base among Nigerian banks. Notably, no single shareholder holds up to 5% of the issued share capital. This diversification underscores the popularity and pricing efficiency of Fidelity Bank’s stock in the market.

Fidelity Bank’s performance over the past five years has been remarkable, with an average annual return of more than 81%, outpacing all major market indices and significantly exceeding returns in the overall market and banking sector.

The shareholders are confident in the bank’s potential for a significant leap in the emerging Nigerian financial services sector. National Coordinator of the Independent Shareholders Association of Nigeria (ISAN), Mr. Moses Igbrude, praised Fidelity Bank for its organic growth and consistent performance, urging the board to maintain good corporate governance.

Dr. Faruk Umar, President of the Association for the Advancement of Rights of Nigerian Shareholders (AARNS), commended the bank’s corporate governance structure and financial strength, evidenced by the successful acquisition of Union Bank UK. He highlighted the appointment of Dr. Nneka Onyeali-Ikpe as Group Managing Director as indicative of the bank’s robust succession plan.

Mrs. Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, highlighted Fidelity Bank’s impressive results and continuous growth, even amid economic challenges. She cited the 2023 business year, where the bank doubled its pre-tax profit to N124.2 billion and saw significant increases in deposits and total assets.

Mr. Boniface Okezie, National Coordinator of the Progressive Shareholders Association of Nigeria, expressed pride in Fidelity Bank’s balance sheet and strong fundamentals, emphasizing the bank’s good corporate governance and customer service as reasons for a promising future.

Fidelity Bank’s interim report for Q1 2024 showed robust growth, with gross earnings increasing by 89.9% to N192.1 billion and profit before tax doubling to N39.5 billion. The bank’s strong performance was driven by broad-based growth in both interest and non-interest income, with significant increases in deposits and net loans and advances.

In conclusion, shareholders are optimistic about Fidelity Bank’s recapitalisation plan and its future prospects, confident in the bank’s ability to deliver sustainable growth and returns.

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The Ultimate Cover-Up? OGPF Fires Back, Brands NNPC’s Oil Licensing Response A Total Diversion.

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The Oil & Gas Professionals Forum (OGPF) has dismissed the Nigerian National Petroleum Company Limited (NNPCL)’s recent response to criticisms concerning the marginal field licensing round, labeling the statement as misleading and diversionary.....KINDLY READ THE FULL STORY HERE▶

The forum asserted that the national oil company failed to address crucial concerns regarding potential conflicts of interest, the beneficiaries of the bidding process, and overall leadership performance under Group Chief Executive Officer Bayo Ojulari.

Previously, the OGPF demanded the removal of Ojulari alongside Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Oritsemeyiwa Eyesan, citing performance concerns and award controversies. In response, NNPCL stated that it operates entirely as a commercial entity under the Petroleum Industry Act 2021, holding no regulatory or asset allocation powers, which legally fall under the NUPRC.

In a fresh statement issued by convener Ayodele Momoh, the OGPF argued that NNPCL’s defense ignored core issues. The forum alleged that close associates of leadership secured allocations during the 37-block licensing round, raising questions about accountability and potential private gain. Furthermore, the group contended that recent improvements in oil and gas output metrics fall short of broader production goals, insisting that leadership accountability should be measured strictly against targeted milestones rather than marginal output gains.

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Major Climax: ‘I’m Bigger Than Peter Obi’ – Deji Adeyanju Drops Bombshell Statement.

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Nigerian activist and lawyer Deji Adeyanju has asserted that he has made greater sacrifices for Nigeria’s democracy than former Anambra State Governor Peter Obi, stating that he considers himself more deserving of recognition in that regard.....KINDLY READ THE FULL STORY HERE▶

Speaking during an interview with Seun Okinbaloye, Adeyanju discussed his political differences with Obi and individuals within the former presidential candidate’s support base. He clarified that his criticisms stem from political disagreements rather than personal animosity, though he vowed to respond directly to anyone who attacks him.

Adeyanju dismissed engaging with Obi’s aides, maintaining that his focus remains on the former governor himself. He highlighted his history of activism, claiming to have faced physical threats and arrests multiple times while defending democratic principles, and questioned the foundational efforts of others in the political sphere.

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Political Drama Unfolds: How Benue House Leader Abandoned APC To Join PDP.

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The Majority Leader of the Benue State House of Assembly and representative for the Kwande West State Constituency, Thomas Dugeri, has officially dumped the ruling All Progressives Congress (APC) for the opposition Peoples Democratic Party (PDP).....KINDLY READ THE FULL STORY HERE▶

As reported by LEADERSHIP Newspapers, Dugeri was officially received into the PDP fold in Abuja by the immediate past governor of Benue State and party leader, Samuel Ortom. The lawmaker was introduced to Ortom by the Benue State PDP Deputy Chairman, Adzua Ashongo, alongside other party stakeholders and supporters.

During the meeting, Dugeri expressed appreciation for the warm reception extended to him and his supporters. He assured party leaders of his absolute loyalty and commitment, pledging to collaborate closely with stakeholders to drive the PDP forward.

Welcoming the defecting lawmaker, Ortom assured Dugeri and his loyalists of equal opportunities and a level playing field within the party, emphasizing the collective responsibility required from both old and new members to build a formidable political front.

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